(Bloomberg) -- A bit like a movie the critics dismiss but the public loves, investors are plowing into Exxon Mobil Corp., while analysts remain neutral on the shares.
The oil major's shares rose 6.4% Tuesday to reach their highest level since April 2019 after it reported its highest profit in almost eight years. In the process, the stock blew past the average of analysts' price targets, Bloomberg data show. Of the 30 analysts covering Exxon, 20 have hold ratings, one has a sell and nine recommend buying. Of the 74 companies with as much analyst coverage as the oil giant, none had fewer buys.
The Street's reluctance to recommend the stock is not new.
A year ago, only two of the 29 analysts covering Exxon at that time had a price target above $60 on the energy supermajor and just nine recommended buying the stock. Exxon has largely defied them, posting an 91% total return over the past 12 months and beating the S&P 500 Index by a whopping 69 percentage points.
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